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Au Small Finance Bank to continue operations in 10 states

Press Trust of India  |  New Delhi 

Jaipur-based Au Small will provide its services at all locations where it was present as an NBFC.

The RBI issued a licence to Au Small to carry on the business of small in and it started its operations yesterday.

The company served across ten states as a non-finance company (NBFC) -- Au Financiers -- before foraying into small finance bank space.

As an NBFC, the company had network of 300 branches spread across Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Punjab, Delhi, Haryana, Himachal Pradesh, and Goa.

"We intend to start Bank branches in all such locations in next couple of months," Au SFB said in a statement today.

Sanjay Agarwal, Managing Director, Au Small Finance Bank, said: "Financial inclusion is one of the important aims of the current and small finance banks with their reach in deeper geographies and middle and lower end of pyramid can help achieve this objective very well."

Though has regional rural banks, and other small entities, besides a giant network of public and private sector banks there is still a huge void in the sector, Au said.

"This gap can be bridged by small finance banks," it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 20 2017. 21:13 IST